Southwest Florida residents feeling weight of property insurance crisis

The Florida property insurance market is in freefall, according to the Insurance Information Institute, and Southwest Florida isn’t immune from the consequences: People’s policies are being dropped with hurricane season starting in just two weeks.

It’s tough for those who are currently looking for property insurance. WINK News spoke with the Florida Association of Public Insurance Adjusters, which recommends getting as many quotes as you can from different companies.

Chris Cury, the president of the group, says the way rates are going up is very concerning for homeowners. Next week, Gov. Ron DeSantis is holding a special legislative session to address the issue. However, Cury says it will take more than a year for people to see some changes, and many companies are canceling thousands of policies because they just can’t afford to keep their companies in business.

Naples resident William Littell is someone who is affected by that.

“I’m one of those unfortunate people that got the notice that the insurance company was pulling out,” Littell said. “My policy actually expires in July and I’ve been searching for a replacement. I was paying in about 12 $1,300 a month, I mean, a year for my insurance. And the quotes I’m getting now are anywhere, high 3000s to 4 and 5,000s.”

Increased premiums, declining coverage and fraud are some of the other problems people in our state are facing when it comes to finding property insurance. Cury goes as far as to call the state’s current situation a crisis. Littell says he understands the cost of living is going up but believes there has to be a solution for this.

“It’s just getting to be too much,” Littell said. “To the point where, you know, I mean, we’re on a fixed income, some of us down here. And where’s that money gonna come from, with insurance?”

“We have other [companies] that are on the brink of failure,” Cury said. “The Office of Insurance Regulation has been improving rate increases for insurance companies to try to make them more financially sustainable and survive in this market.”

The size of your home, its age and its location all impact how much you pay for property insurance. Experts say if you get quoted and the price seems high, double-check to see what coverage is included.